Valeant, in what it described as a “definitive
agreement,” said it would acquire all Medicis shares
outstanding for $44 each in cash. The purchase price represents
an approximate 39 percent premium to Medicis’ closing price of
$31.56 on Aug. 31 in New York composite trading.

The agreement was unanimously approved by the boards of
directors of both companies, the companies said in a joint
statement. The transaction is expected to close sometime during
the first two quarters of next year.

The acquisition is a move by Valeant “to become a leader
in dermatology” by expanding the company’s “presence in acne,
actinic keratosis, aesthetic injectables and anti-virals, among
others,” said Chairman and Chief Executive Officer J. Michael
Pearson in a statement.

The transaction is subject to several conditions, including
approval by Medicis stockholders and expiration of any
applicable regulatory waiting period. Valeant expects the
transaction, once completed, to be immediately accretive to
Valeant’s cash earnings per share.

Link to Statement:{NSN M9SCO33PWT1C <GO>}

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